LAP Green Network buys Chad’s SOTEL
Reuters is reporting that Libyan state-owned investment vehicle LAP Green Network has signed a deal to buy a 60% stake in fixed line telco Societe des Telecommunications de Tchad (SOTEL) for USD90 million.
LAP Green’s managing director Abdulbaset Elazzabi told Reuters that his firm would develop Chad's mobile and fixed line networks and planned to connect Chad to international fibre-optic cables, making broadband internet access – both fixed and mobile - more widely available.
The Libyan firm, which is owned by sovereign wealth fund the Libyan African Investment Portfolio, owns or controls telecoms operations in eight African countries.Just a month ago it was reported that Chad had sold the 60% stake in SOTEL to a UK-based company, Mid Cost. Citing authoritative sources, the APA news agency added that the state would retain a 33% stake in the company while